South Korea’s largest steelmaker Posco announced Saturday that it has named Choi Jeong-woo, CEO of Posco Chemtech, as its new chairman.
The company’s board of directors voted to nominate Choi for the chairman post at next month’s extraordinary shareholder’s meeting, during a meeting held Saturday, according to Posco.
As a result, Choi is set to assume his new post after a special shareholder meeting and board approval on July 27.
The Posco Chemtech CEO had been one of five final candidates nominated for the chairmanship. The list had included Choi as well as Posco Daewoo CEO Kim Young-sang, former Posco Chief Operating Officer Kim Jin-il, incumbent President and COO Oh In-hwan and Vice President Chang In-hwa.
|Posco Chemtech CEO Choi Jung-woo (Posco)|
Born in 1957, Choi graduated with a degree in economics from Pusan National University and joined Posco in 1983. He has worked at Posco and its key affiliates, in areas including finance strategy planning and corporate strategy development.
He was named the head of the Posco Value Management Office, the company’s de-facto control tower, in 2015, and is said to have been a key figure who spearheaded the company’s restructuring procedures.
“It’s the first time in Posco’s 50-year history that a CEO of a non-engineering background has been nominated. With his expertise in business management and experiences working for non-steel group affiliates, we believe Choi will play a major role in helping Posco fulfill its vision of ‘steel and beyond,’” the leadership succession counsel said in a statement.
Choi will be succeeding incumbent Posco Chairman Kwon Oh-joon, who offered to step down in April to give way to the next-generation leader. His move triggered the start of a five-member leadership succession counsel.
Since last year, rumors have been mounting within the industry that Kwon may follow in the footsteps of his predecessors who had failed to serve out their given terms.
Though Kwon was in his second three-year term, he faced growing pressure to step down after being excluded from President Moon Jae-in’s trip to the United States and other key agendas.
Posco was a state-run company before being fully privatized in 2000.
By Sohn Ji-young and news reports (firstname.lastname@example.org)